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Ferrari
Ferrari N.V. (pronounced ferˈrari) is an Italian luxury sports car manufacturer based in Maranello. Founded by Enzo Ferrari in 1939 out of Alfa Romeo's race division as Auto Avio Costruzioni, the company built its first car in 1940. However, the company's inception as an auto manufacturer is usually recognized in 1947, when the first Ferrari-badged car was completed. In 2014, Ferrari was rated the world's most powerful brand by Brand Finance.3 In May 2012 the 1962 Ferrari 250 GTO became the most expensive car in history, selling in a private transaction for US$38.1 million to American communications magnate Craig McCaw.4 Fiat S.p.A. acquired 50% of Ferrari in 1969 and expanded its stake to 90% in 1988.5 In October 2014 Fiat Chrysler Automobiles N.V. announced its intentions to separate Ferrari S.p.A. from FCA; as of the announcement FCA owned 90% of Ferrari.678 The separation began in October 2015 with a restructuring that established Ferrari N.V. (a company incorporated in the Netherlands) as the new holding company of the Ferrari group and the subsequent sale by FCA of 10% of the shares in an IPO and concurrent listing of common shares on the New York Stock Exchange.9 Through the remaining steps of the separation, FCA's interest in Ferrari's business was distributed to shareholders of FCA, with 10% continuing to be owned by Piero Ferrari.10 The spin-off was completed on 3 January 2016.9 Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where it is the most successful racing team, holding the most constructors championships (16) and having produced the highest number of winning drivers (15).11 Ferrari road cars are generally seen as a symbol of speed, luxury and wealth. History Enzo Ferrari was not initially interested in the idea of producing road cars when he formed Scuderia Ferrari in 1929, with headquarters in Modena. Scuderia Ferrari (pronounced skudeˈriːa) literally means "Ferrari Stable" and is usually used to mean "Team Ferrari." Ferrari bought, prepared, and fielded Alfa Romeo racing cars for gentleman drivers, functioning as the racing division of Alfa Romeo. In 1933, Alfa Romeo withdrew its in-house racing team and Scuderia Ferrari took over as its works team:1 the Scuderia received Alfa's Grand Prix cars of the latest specifications and fielded many famous drivers such as Tazio Nuvolari and Achille Varzi. In 1938, Alfa Romeo brought its racing operation again in-house, forming Alfa Corse in Milano and hired Enzo Ferrari as manager of the new racing department; therefore the Scuderia Ferrari was disbanded.1 In September 1939, Ferrari left Alfa Romeo under the provision he would not use the Ferrari name in association with races or racing cars for at least four years.1 A few days later he founded Auto Avio Costruzioni, headquartered in the facilities of the old Scuderia Ferrari.1 The new company ostensibly produced machine tools and aircraft accessories. In 1940, Ferrari produced a race car – the Tipo 815, based on a Fiat platform. It was the first Ferrari car and debuted at the 1940 Mille Miglia, but due to World War II it saw little competition. In 1943, the Ferrari factory moved to Maranello, where it has remained ever since. The factory was bombed by the Allies and subsequently rebuilt including a works for road car production. The first Ferrari-badged car was the 1947 125 S, powered by a 1.5 L V12 engine;1 Enzo Ferrari reluctantly built and sold his automobiles to fund Scuderia Ferrari.13 The Scuderia Ferrari name was resurrected to denote the factory racing cars and distinguish them from those fielded by customer teams. In 1960 the company was restructured as a public corporation under the name SEFAC S.p.A. (Società Esercizio Fabbriche Automobili e Corse).14 Early in 1969, Fiat took a 50% stake in Ferrari. An immediate result was an increase in available investment funds, and work started at once on a factory extension intended to transfer production from Fiat's Turin plant of the Ferrari engined Fiat Dino. New model investment further up in the Ferrari range also received a boost. In 1988, Enzo Ferrari oversaw the launch of the Ferrari F40, the last new Ferrari to be launched before his death later that year, and arguably one of the most famous supercars ever made. In 1989 the company was renamed as Ferrari S.p.A.14 From 2002 to 2004, Ferrari produced the Enzo, their fastest model at the time, which was introduced and named in honor of the company's founder, Enzo Ferrari. It was to be called the F60, continuing on from the F40 and F50, but Ferrari was so pleased with it, they called it the Enzo instead. It was initially offered to loyal and recurring customers, each of the 399 made (minus the 400th which was donated to the Vatican for charity) had a price tag of $650,000 apiece (equivalent to £400,900). On 15 September 2012, 964 Ferrari cars (worth over $162 million- which is equivalent to £99,950,000) attended the Ferrari Driving Days event at Silverstone Circuit and paraded round the Silverstone Circuit setting a world record.15 Ferrari's former CEO and Chairman, Luca di Montezemolo, resigned from the company after 23 years, who was succeeded by Amedeo Felisa and finally on 3 May 2016 Amedeo resigned and was succeeded by Sergio Marchionne, CEO and Chairman of Fiat Chrysler Automobiles, Ferrari's parent company.16 On 29 October 2014, the FCA group, resulting from the merger between manufacturers Fiat and Chrysler, announced the split of its luxury brand, Ferrari. The aim is to turn Ferrari into an independent brand which 10% of stake will be sold in an IPO in 2015.17 Ferrari officially priced its initial public offering at $52 a share after the market close on 20 October 2015.18 Motorsport Since the company's beginnings, Ferrari has been involved in motorsport, competing in a range of categories including Formula One and sports car racing through its Scuderia Ferrari sporting division as well as supplying cars and engines to other teams and for one make race series. The 1940 AAC 815 was the first racing car to be designed by Enzo Ferrari, although it was not badged as a Ferrari model. Scuderia Ferrari Scuderia Ferrari has participated in several classes of motorsport, though it is currently only officially involved in Formula One. It is the only team to have competed in the Formula One World Championship continuously since its inception in 1950. José Froilán González gave the team its first F1 victory at the 1951 British Grand Prix. Alberto Ascari gave Ferrari its first Drivers Championship a year later. Ferrari is the oldest team in the championship, and the most successful: the team holds nearly every Formula One record. As of 2014, the team's records include 15 World Drivers Championship titles (1952, 1953, 1956, 1958, 1961, 1964, 1975, 1977, 1979, 2000, 2001, 2002, 2003, 2004 and 2007) 16 World Constructors Championship titles (1961, 1964, 1975, 1976, 1977, 1979, 1982, 1983, 1999, 2000, 2001, 2002, 2003, 2004, 2007 and 2008), 221 Grand Prix victories, 6736.27 points, 679 podium finishes, 207 pole positions, and 230 fastest laps in 890 Grands Prix contested. Of the 19 tracks used in 2014, 8 have lap records set by the Ferrari F2004, with a further 3 set by the Ferrari F2003-GA, Ferrari F2008 and Ferrari F10. Ferrari drivers include: Tazio Nuvolari, José Froilán González, Juan Manuel Fangio, Alberto Ascari, Luigi Chinetti, Maurice Trintignant, Wolfgang von Trips, Phil Hill, Olivier Gendebien, Mike Hawthorn, Peter Collins, Giancarlo Baghetti, Ricardo Rodríguez, Chris Amon, John Surtees, Lorenzo Bandini, Ludovico Scarfiotti, Jacky Ickx, Mario Andretti, Clay Regazzoni, Niki Lauda, Carlos Reutemann, Jody Scheckter, Gilles Villeneuve, Didier Pironi, Patrick Tambay, René Arnoux, Michele Alboreto, Gerhard Berger, Nigel Mansell, Alain Prost, Jean Alesi, Michael Schumacher, Eddie Irvine, Rubens Barrichello, Felipe Massa, Kimi Räikkönen, Fernando Alonso, and Sebastian Vettel. At the end of the 2006 season, the team courted controversy by continuing to allow Marlboro to sponsor them after they, along with the other F1 teams, made a promise to end sponsorship deals with tobacco manufacturers. A five-year deal was agreed and although this was not due to end until 2011, in April 2008 Marlboro dropped their on-car branding on Ferrari. In addition to Formula One, Ferrari also entered cars in sportscar racing, the two programs existing in parallel for many years. In 1949, Luigi Chinetti drove a 166 M to Ferrari's first win in motorsports, the 24 Hours of Le Mans. Ferrari went on to dominate the early years of the World Sportscar Championshipwhich was created in 1953, winning the title seven out of its first nine years. When the championship format changed in 1962, Ferrari earned titles in at least one class each year through to 1965 and then again in 1967. Ferrari would win one final title, the 1972 World Championship of Makes before Enzo decided to leave sports car racing after 1973 and allow Scuderia Ferrari to concentrate solely on Formula One. During Ferrari's seasons of the World Sportscars Championship, they also gained more wins at the 24 Hours of Le Mans, with the factory team earning their first in 1954. Another win would come in 1958, followed by five consecutive wins from 1960 to 1964. Luigi Chinetti's North American Racing Team (NART) would take Ferrari's final victory at Le Mans in 1965. Although Scuderia Ferrari no longer participated in sports cars after 1973, they have occasionally built various successful sports cars for privateers. These include the BB 512 LM in the 1970s, the 333 SP which won the IMSA GT Championship in the 1990s, and currently the 458 GT2 and GT3 which are currently winning championships in their respective classes. Race cars for other teams Throughout its history, Ferrari has supplied racing cars to other entrants, aside from its own works Scuderia Ferrari team. In the 1950s and '60s, Ferrari supplied Formula One cars to a number of private entrants and other teams. One famous example was Tony Vandervell's team, which raced the Thinwall Special modified Ferraris before building their own Vanwall cars. The North American Racing Team's entries in the final three rounds of the 1969 season were the last occasions on which a team other than Scuderia Ferrari entered a World Championship Grand Prix with a Ferrari car.19 Ferrari supplied cars complete with V8 engines for the A1 Grand Prix series, from the 2008-09 season.20 The car was designed by Rory Byrne and is styled to resemble the 2004 Ferrari Formula one car. Ferrari currently runs a customer GT program for a racing version of its 458 model, and has done so for the 458's predecessors, dating back to the 355 in the late 1990s. Such private teams as the American Risi Competizione and Italian AF Corse teams have been very successful with Ferrari GT racers over the years. This car, made for endurance sportscar racing to be competed against such racing versions of the Audi R8, McLaren MP4-12C, and BMW Z4 has proven to be successful, but not as successful as its predecessor, the F430. The Ferrari Challenge is a one make racing series for the Ferrari 458. The FXX is not road legal, and is therefore only used for track events. Road cars Ferrari's first vehicle was the 125 S sports/racing model. In 1949, the Ferrari 166 Inter was introduced. The presentation of this car marked the company's first move into the grand touring market, which continues to make up the bulk of Ferrari sales to the present day. Several early cars featured bodywork customised by a number of coachbuilders such as Pininfarina, Zagato and Bertone. The Dino was the first mid-engined Ferrari. This layout would go on to be used in most Ferraris of the 1980s and 1990s. V8 Ferrari models make up well over half of the marque's total production. For a time, Ferrari built 2+2 versions of its mid-engined V8 cars. Although they looked quite different from their 2-seat counterparts, both the GT4 and Mondial were closely related to the 308 GTB. The company has also produced front-engined 2+2 cars, culminating in the current California. Ferrari entered the mid-engined 12-cylinder fray with the Berlinetta Boxer in 1973. The later Testarossa remains one of the most famous Ferraris.